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NEW YORK CITY - Mandarin Oriental Management, which operates the well known international hotel chain, has leased approximately half of the 19th floor at W&H Properties' 250 West 57th Street, announces Barry Zeller, executive director of Cushman & Wakefield, the building’s managing and leasing agent.
The firm, which was represented by Howard Grufferman and Ellen Abramowitz of Grubb & Ellis, will relocate from 1775 Broadway and 509 Madison Avenue in July. Mr. Zeller and George Fabian of Cushman & Wakefield represented the landlord in the lease transaction.
"The proximity to the hotel at Time Warner Center is a significant plus, as another one of our tenants, Per Se, has discovered," says Mr. Zeller. "Both of these tenants recognize the value of housing administrative and sales offices so close to site operations, along with the easy access to mass transportation and the direct underground subway entrance at 250 West 57th Street."
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. Mandarin Oriental now operates, or has under development, over 10,000 rooms in 23 countries with 16 hotels in Asia, 14 in the Americas and nine in Europe and North Africa.
The firm's space at 250 West 57th Street was previously occupied by several small tenants, and was created through the property's creative space consolidation and repositioning program. "Mandarin’s lease reflects the success of this program, which we launched a few years ago," notes Mr. Zeller.
250 West 57th Street's top-to-bottom capital improvement program, totaling $82 million, has recently concluded. The renovations include new windows, elevator cabs, air-conditioned public corridors, renovated lobby and concierge desk, and upgraded building-wide systems.
Space availability at 250 West 57th Street ranges from 1,700 square feet to a spectacular tower duplex of 20,328 rentable square feet that overlooks Central Park and has a private rooftop terrace.
250 West 57th Street also features the highly successful W&H pre-built program with spaces in move-in condition that have new ceilings, lighting, flooring and highly efficient space layouts.
Part of the W&H Properties portfolio, 250 West 57th Street is owned by Fisk Building Associates LLC, a partnership led by Peter L. Malkin.
Broker commissions are paid 100% upon lease signing.
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